Ford Plunges $123m into the Red

24 July 2006

DEARBORN MICHIGAN - Ford Motor Company reported a surprise $123 million (€97.32m; £66.5m) second-quarter net loss, provoking chairman/ceo Bill Ford to promise "farther and faster" movement on a North American restructuring plan that will close 14 plants and eliminate 30,000 hourly-paid jobs by 2012.

The loss surprised Wall Street, which had been expecting a profit, according to an survey of analysts.